PriceSmart shares rally on 18.9% rise in September same store sales
PriceSmart (NASDAQ:PSMT) reported on Friday that warehouse sales for stores open at least 13.5 months grew 18.9% for the month of September, sending shares up.
The San Diego, California-based company's stock climbed $3.45, or 5.20%, to $69.83 Friday on the Nasdaq market.
Comparable sales are a key metric used to gauge a retailer's financial health because it excludes stores recently opened or closed.
For the four weeks that ended October 2, PriceSmart said net sales spiked 25.5% to $146.3 million, compared with $116.6 million a year earlier.
On August 19, PriceSmart reported that it opened its first warehouse club in Barranquilla, Colombia bringing its total to 29 clubs in 12 countries and one U.S. territory at the end of September. That is up from the 27 warehouse clubs last year.
San Diego-based PriceSmart runs U.S. style membership warehouse clubs in Latin America and the Caribbean. The company sells items like meat, produce, baked goods and natural foods, electronics and automatic supplies, among others.
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